On January 1, 2020, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,500,000. Prepare the 2020 journal entries for the following transactions and estimates relating to the contract assuming that revenue is recognized over time. a. Construction costs incurred during 2020 5400,000 b. Progress billings c. Cash collections d. Estimated costs to complete $380,000 $350,000 $800,000 Note: Record any multiple debits in alphabetical order and any multiple credits in alphabetical order.
On January 1, 2020, Miller Construction Company contracted to build a parking lot for the city of St. Louis for $1,500,000. Prepare the 2020 journal entries for the following transactions and estimates relating to the contract assuming that revenue is recognized over time. a. Construction costs incurred during 2020 5400,000 b. Progress billings c. Cash collections d. Estimated costs to complete $380,000 $350,000 $800,000 Note: Record any multiple debits in alphabetical order and any multiple credits in alphabetical order.
Intermediate Accounting: Reporting And Analysis
3rd Edition
ISBN:9781337788281
Author:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Publisher:James M. Wahlen, Jefferson P. Jones, Donald Pagach
Chapter17: Advanced Issues In Revenue Recognition
Section: Chapter Questions
Problem 9MC
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